Increasingly, the debate about a college degree's usefulness is less about the prestige of the institution, but rather the focus of a student's studies. However, even as the humanities get pummeled in the public discussion of higher education, Forbes' list shows that its just as good — if not better — to attend a smaller liberal arts school.

Williams College and Stanford University took the top two spots on Forbes' list, with highly regarded Harvard University placing seventh, below peer institutions like Princeton University and Yale University. This is actually an improvement for Harvard, which last year placed eighth on Forbes' Top Colleges ranking.